Tesla founder and CEO steps down

Tesla founder and CEO steps down

Viknesh Vijayenthiran
August 13, 2007
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Tesla founder and CEO Martin Eberhard will step down from the top position, remaining at the electric car company as its new President of Technology. Eberhard, who has led Tesla since 2003, was planning the move since the start of the year and has the full backing of the company’s board. Unfortunately, this latest announcement plus previous claims that there’ll be a swap of suppliers for the transmission means first deliveries of the new roadster will be delayed for several more months.

Tesla has already taken 570 deposits for the $100,000 car and customers will now have to wait until the end of the year before they’re handed the keys.

Following the launch of the roadster, attention will turn towards construction of a new plant in New Mexico for production of Tesla’s next model, the White Star sedan. To fund its development, Automotive News is reporting that execs are planning to issue an initial public offering as early as next year. In the meantime, Eberhard will be replaced by former Flextronics CEO Michael Marks, who was also an early investor in the company.